One of the few possibly good things to come out of the financial crisis in 2007 and 2008 was a government entity that existed solely to protect people from predatory businesses. It’s the Consumer Financial Protection Bureau, and it’s new Trump-appointed leader, Mick Mulvaney is unsurprisingly, a real piece of shit.

Last week, it dropped a lawsuit against a group of payday lenders that charged interest rates that touched 950 percent. The companies were associated with a Native American tribe, a common dodge the industry has used because it allows lenders to evade state interest-rate caps.

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But in an email to CFPB staff today, Mulvaney laid out what the bureau’s new approach should be. He had “no intent in shutting down the Bureau,” he wrote, but said that his leadership would contrast sharply with Cordray’s approach of aggressive enforcement. The CFPB worked for all taxpayers, he wrote, and that includes “those who take loans, and those who make them” and “bringing the full weight of the federal government down on the necks of the people we serve should be something that we do only reluctantly.” Going forward, he wrote, there would be “more formal rulemaking on which financial institutions can rely, and less regulation by enforcement.”